Tim Cook dinner’s estimated internet value is $625 million — here is how he makes and spends his cash
- Tim Cook dinner, the CEO of Apple, has an estimated internet value of $625 million, however he is not a typical tech large govt.
- Cook dinner's internet value is decrease than lots of his tech CEO friends and he would not lead a lavish way of life.
- His management at Apple led to a shift in philanthropic giving. Watch the video above to find out how Cook dinner makes and spends his hundreds of thousands.
Tim Cook dinner is value an estimated $625 million. Because the CEO of Apple, he is the primary brazenly homosexual CEO within the Fortune 500. And in 2018, Apple turned the primary US firm ever to be value $1 trillion. However in comparison with his counterparts within the tech world, his internet value is fairly modest. Google founder and Alphabet CEO, Larry Web page, is value $53 billion. Fb CEO, Mark Zuckerberg, is value slightly below $70 billion. And Amazon CEO, Jeff Bezos is the primary particular person in trendy historical past to build up a fortune north of $100 billion
Cook dinner would not lead a lavish way of life and has mentioned, "I prefer to be reminded of the place I got here from, and placing myself in modest environment helps me try this." The Alabama native had a humble begin in life because the son of a shipyard employee and pharmacy worker.
When he was promoted as Apple's CEO in 2011, his base wage was $900,000, and has risen to $three million in 2017. He additionally receives a money incentive based mostly on the corporate's efficiency, which pushed his whole pay for 2017 to over $12 million. However his internet value consists primarily of $622 million value of Apple's inventory and choices he has collected since turning into CEO. And $three.four million of Nike inventory choices he will get as a member of Nike's board of administrators.
So, how does Apple's chief spend his fortune? Fairly in a different way than different CEOs of tech giants. In 2012, he purchased a 2,400 sq. foot house in Palo Alto, for $1.9 million, the median price of a house in Palo Alto in 2018 is $three.three million. And his frugality would not cease on the housing market. He reportedly buys his underwear at Nordstrom's semi-annual sale.
However Cook dinner does splurge in terms of donating to good causes, a philosophy that differs from that of his predecessor, who lacked a file of public giving. He encourages his staff to offer and has led Apple into many philanthropic endeavors. In 2011, he instated a company-wide, nonprofit donation matching program. Over the previous 10 years, Apple has contributed $130 million to assist RED battle AIDS, $100 million to advance variety in tech, by way of President Barack Obama's Related initiative, $50 million to hospitals, and extra.
Cook dinner practices what he preaches, too. He is donated to civil rights efforts and in 2018, he donated greater than 23,000 shares of his Apple inventory, valued at slightly below $5 million to an undisclosed charity. He additionally recurrently makes marketing campaign donations. He is hosted fundraisers for Barack Obama and Hillary Clinton and in 2016, he donated $236,000 to the Hillary Victory Fund.
Cook dinner's altruism even applies to his future monetary plans. He intends to make use of his wealth to place his nephew by way of school. And upon his loss of life, he plans to offer away all his cash to good causes. He instructed Fortune journal, "You need to be the pebble within the pond that creates the ripple for change."
Be a part of the dialog about this story »